all you need to know

Companies have to pay taxes! Not much fun, but very much a fact.

Use our extensive accountancy resources to easily find all the information to help you run your business effectively.

invoicing tool
Can I sign up after I've already started trading?

No problem. We will need to do the work to get your backlog up to date and you must remember that our quoted prices are based on an even monthly fee.

Assuming your financial year started in January and you sign up with Duport Accountants in March, your first payment to us will be 3 x £monthly price to cover January, February and March. From then on you will just pay your fixed monthly price by Direct Debit.

are year end accounts included?

The fixed monthly charge includes all of your filing as well as your monthly bookkeeping management accounts and ongoing advice.

is there a contract period?

No contract period; this service is so good we know you won’t want to leave us. All we require is a 30 day notice to deal with any administration.

Why is it so cheap?

Our procedures and processes are so efficient we are able to keep the costs down and pass those savings to you. Our Accountants do not spend their time photocopying or faxing. (we have other people for that). That way they can dedicate their time to accounting and providing advice.

Is any of the work outsourced?

All work is done in our accounting offices, using our staff. Customer service is our top priority.

Can I contact my accountant whenever I like?

Our prices are fixed so you can ask your accountant as many questions as you like. You can get in touch by email, phone or text. We may have to arrange a convenient time to call you if you telephone as your accountant may be in the middle of a tricky tax calculation. We like to ensure that whatever we're doing you get our full attention.

How is my monthly rate set?

The quote is based upon your business structure (sole, LTD) any extra work required outside of your basic package such as more than 5 payslips or VAT returns.

What if my business grows?

If your business grows and you start to generate a large amount of bookkeeping on a regular we will contact you to discuss what you need.

Will I have my own accountant?

You will be allocated your own team, so you will always speak to the same people. This includes your own experienced Bookkeeper and fully qualified (ACCA or ICAEW) Accountant.

What if I forget to send you some documents

You can send your paperwork whenever you like although we do recommend you send things regularly. If you send regularly then we can monitor your situation closer and report to you any items that may be missing. Missed documents can be sent later on. We do ask that you send you paperwork in at least 14 days before the VAT return is due.

Can I see you face to face?

It is far more convenient and efficient to deal with things remotely. Our services allow you to sign all documents electronically as well as through the post. Once you receive your envelopes you can start sending us your paperwork straight away; it's so simple.

Do you use environmentally friendly envelopes?

The envelopes are fully biodegradable, made from recycled materials and can be recycled.

Does your service include the construction industry scheme?

Yes at no extra charge

What does a profit and loss account look like?
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I don't know if I need to register for VAT?

Don't worry once signed up we can look at your business circumstances and advise whether or when we'll register.

company structure
What are my other options for dealing with my company accounts?

It's always good to shop around, so check out the comparison grid below which highlights how we differ from other services you may be considering. We think you'll be surprised at the level of service you get for an extremely competitive price.

bookkeeping software traditional accounting Duport Accountants
software YES may ask you to purchase their preferred software we do the bookkeeping so you don't need to buy software
perform bookkeeping NO NO YES
authorised agent with HMRC NO YES YES
fixed fees YES NO YES
no billing by the hour or extra charges - just one price taken by direct debit each month
corporation tax or partnership tax return NO YES YES
year end accounts NO
you will need to pay an accountant to do your year end accounts - usually £500 - £2000 depending on your business structure
YES YES
self assessment tax return NO YES YES
monthly management accounts YES
can produce them based on your data entry but can't check that they are correct
NO YES
VAT returns YES
can produce them based on your data entry but can't check that they are correct
YES YES
payroll NO NO YES
year-round support NO NO YES
unlimited free email advice NO NO YES
free advice over the phone NO NO YES
tax tips newsletter NO NO YES
cost £25-£30
per month depending on provider
£100-£300
per month depending on business structure
£30-£100
per month depending on business structure
How do I pay myself?

Taking Money From Your Limited Company

There are three main ways in which money can be drawn from a limited company - repayment of a director's loan, salary and dividends - but there are key issues to understand regarding each of these. Don’t worry though as we are here to help identify the best way to take money from your company once you have signed up.

It is important to organise the balance of these three items (when they are all available) in order to minimise your tax liability. However, the basic fact will remain - the more profit the company makes, the more tax you are likely to pay. There is no magic scheme for removing all tax liability! The points below outline the main considerations when extracting money from your company.

Repayment of director's loan

If you have put your own money into the company, then this is recorded in the director's loan account which totals the money the company owes you. You can draw from this at any time without any tax liability, but you will need to make sure that the cash flow of the business can support this. While it sits in the company you are entitled to charge the company interest. The interest rate is determined by the Board of Directors and should be at a reasonable commercial rate.

The interest you receive must also be declared on your personal tax return as it will be subject to tax. However, if the director's loan account becomes a loan from the company to you, then you need to be careful as you should not owe the company more than £5,000. If you exceed this you must notify HMRC of the loan and pay 25% of the loan account balance. This tax is however refunded as soon as the loan balance is reduced.

Salary

Remember that the company is a separate legal individual to you. So it can pay you a salary and, just as would happen in any job, tax and national insurance (NI) must be deducted before you receive your pay. The company also pays 12.8% of the salary in NI contributions and is responsible for paying this and the employee's tax and NI deductions to the Revenue. So, there are significant additional costs in the company paying you a salary.

However, as everyone receives an annual tax personal allowance you can take a salary of your personal allowance and pay no tax.

Dividends

These are a distribution of profits, so it goes without saying that the company must be making a profit before dividends can be paid. If there is no profit then repayment of director's loan and salary are the only routes. The directors decide on the distribution of profits in dividends and must be voted on and minutes drawn up before the year end. Remember that there should be a board resolution with the date of distribution recorded. Dividends are taxed but, at present at least, are not subject to NI, so saving both employers and employees NI payments.

I want to shop around. What questions do I ask?

Check how much work you will have to do

All you need to do with us is send your company paperwork in the free post envelopes. It does not even have to be sorted as we do all of that for you. We will update you with your monthly financial situation. Many accountants will ask you to keep records or you may have to do your own book keeping to understand your current financial position.

Check the full costs

We charge a fixed fee monthly direct debit so there won't be any unpleasant surprises. We monitor everything monthly and will make your company as tax efficient as possible. If we spot any changes we will contact you. You can also ask us as many questions as you like and we won't charge you for our time. Our cost also includes dealing with your payroll. If an accountant gives you a cost per hour try to understand exactly what that means. Are you charged for questions/ extra help, what do they charge for dealing with payroll?

get an instant quote

Get a precise monthly quote for your accounts by answering the three questions below.

Package includes:

  • Please select the company type, the number of employees and whether you are VAT registered.

Bookkeeping

Using your bank statements, bills and invoices, we build a systematic financial record of your transactions.

Monthly Management of Accounts

Your profit and loss and balance sheet. This report tells you how your business is doing and helps you make important decisions on expenditure and dividends.

Preparation of Annual Accounts

Each year you must disclose the financial position of your company (if you are a limited company you must also file this with Companies House). Your annual accounts will include your balance sheet and your profit & loss.

SA100

SA100 self assessment tax return forms must be filed with HMRC declaring tax liability for individuals, most typically if you are self employed, a controlling company director or if you receive income beyond regular PAYE.

CT600

CT600 tax return forms must be filed with HMRC declaring tax liability on profits for companies within 12 months of year end.

SA800 Partnership Tax Return

SA800 tax return forms must be filed with HMRC declaring tax liability on profits for partnerships.

VAT Returns

If you are registered for VAT you must notify HMRC precisely how much you have bought, sold and how much you owe them. We will provide you with the exact numbers making this a 5 minute job for you each quarter.